South Carolina Retirement System, Columbia, hired its first equity...

South Carolina Retirement System, Columbia, hired its first equity manager. State Street Global Advisors was hired by the State Budget and Control Board to run a large-cap domestic equity portfolio of $917 million, about 5% of the retirement system’s $19.4 billion in assets. The money will be invested in an index fund that tracks the Standard & Poor’s 500 index. State Street will be paid about $55,000 a year, although that could fluctuate based on earnings, said board spokesman Michael Sponhour.